KUALA LUMPUR, April 3 (Bernama) -- Bursa Malaysia ended lower today, with the benchmark index declining 0.5 per cent, weighed down by selected heavyweights led by Press Metal, IHH Healthcare, and Tenaga Nasional. Press Metal shed 16 sen to RM4.87, IHH Healthcare dipped 14 sen to RM6.75, and TNB slipped 18 sen to RM13.58. These stocks resulted in a 6.12-point decline in the benchmark index. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) slid 7.61 points to 1,518.91 versus Wednesday’s close of 1,526.52. The benchmark index opened 9.22 points lower at 1,517.30 and fluctuated between 1,512.32 and 1,524.41 throughout the day. In the broader market, losers thumped gainers 548 to 357, while 448 counters were unchanged, 994 untraded and eight suspended. Turnover rose to 2.51 billion units valued at RM1.81 billion against Wednesday’s 2.37 billion units valued at RM2.03 billion. ...
KUALA LUMPUR (March 4): The FBM KLCI had today closed 6.77 points or 0.4% lower, after analysts said Malaysia's corporate earnings for 2018's fourth quarter (4Q18) were weak and disappointing.
At 5pm today, the KLCI closed at 1,693.99. The KLCI ended down despite gains across world stock markets amid signs the US and China were close to reaching a deal to end their trade war.
In Malaysia, Malacca Securities Sdn Bhd head of research Victor Wan told theedgemarkets.com that the KLCI was down mainly due to weaker corporate results announced recently. “News reports suggested that the [US-China trade war] is close to finding a resolution and if it is, it is definitely going to be good news for the market. Having said that, the Malaysian market has not really reacted, which is in a way a surprise,” said Wan.
Earlier today, CIMB Research analyst Ivy Ng Lee Fang wrote in a note that Malaysia's 4Q18 corporate earnings were disappointing, as 39% of companies under CIMB's coverage missed their earnings projections.
"The weak corporate earnings and huge impairments suggest an operating environment for businesses that is more challenging than anticipated. We lower our KLCI earnings growth to 5% for 2019F (vs 6% previously) but maintain our 6% earnings growth for 2020F. Corporate earnings delivery remains one of the key concerns for the Malaysian market," Ng said.
Across Bursa Malaysia today, 3.14 billion shares worth RM2.16 billion were traded. Top decliners included Nestle (M) Bhd and Petronas Dagangan Bhd.
China shares rose amid signs of a trade deal. The Shanghai Stock Exchange Composite closed up 1.12% while Hong Kong’s Hang Seng rose 0.51%. Elsewhere across Asia, Japan's Nikkei 225 climbed 1.02%.
Reuters reported that Asian shares started the week on the front foot on signs the US and China were close to striking a tariff deal to end their protracted trade war while the dollar eased as traders wagered Federal Reserve policy would remain accommodative. The Wall Street Journal reported on Sunday that Washington could lift most or all of its tariffs on Beijing while a summit between US President Donald Trump and his Chinese counterpart Xi Jinping to sign a final trade deal could happen later this month.
Source: The Edge
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